§ 45-54-1. Corporations created. (a) For the purposes stated in this chapter there is incorporated in each city and town a body corporate and politic which shall be known as the municipal detention facility corporation of the municipality. The corporation is a public corporation, which is an instrumentality and agency of the municipality, but has […]
§ 45-54-10. Revenue bonds. (a) The corporation is authorized to provide by resolution for the issuance, at one time or from time to time, of revenue bonds of the corporation for the purpose of paying all or part of the cost of any one or more projects, the construction or acquisition of which is authorized […]
§ 45-54-11. Trust agreement. In the discretion of the corporation, any bonds issued under the provisions of this chapter may be secured by a trust agreement by and between the corporation and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the state. […]
§ 45-54-12. Revenues. (a) The corporation is authorized and empowered to fix, revise, and collect from time to time, subject to the provisions of this chapter, fees, rentals, and other charges for the use of projects of, or the services rendered by the corporation to pay: (1) The cost of maintaining, repairing, and operating the […]
§ 45-54-13. Trust funds. All moneys received pursuant to the provisions of this chapter, whether as proceeds from the sale of bonds or as revenues, are deemed to be trust funds, to be held and applied as may be provided in the resolution authorizing the issuance of the bonds or the trust agreement securing the […]
§ 45-54-14. Remedies. Any holder of bonds issued under the provisions of this chapter, or of any of the coupons appertaining to the bonds, and the trustee under the trust agreement or the resolution, except to the extent the rights given by this chapter may be restricted by the trust agreement or the resolution, may, […]
§ 45-54-15. Negotiable instruments. Notwithstanding any of the preceding provisions of this chapter or any recitals in any bonds issued under the provisions of this chapter, all bonds are deemed to be negotiable instruments under the laws of this state. History of Section.P.L. 1991, ch. 421, § 1.
§ 45-54-16. Refunding bonds. The corporation is authorized to provide for the issuance of refunding bonds of the corporation for the purpose of refunding any bonds then outstanding which have been issued under the provisions of this chapter, including the payment of any redemption premium thereon or interest accrued or to accrue to the earliest […]
§ 45-54-17. Credit of state and political subdivisions not pledged. (a) Revenue bonds issued under the provisions of this chapter are not deemed to constitute a debt or a pledge of the faith and credit of the state or the municipality, but are payable solely from the funds provided from revenues. All revenue bonds shall […]
§ 45-54-18. Use of projects. The use of the facilities of the corporation and the operation of its business are subject to the rules and regulations from time to time adopted by the corporation; provided, that the corporation is not authorized to do anything which will impair the security of the holders of the obligations […]
§ 45-54-19. Capital reserves. To assure the continued operation and solvency of the corporation for the carrying out of its corporate purposes, the corporation may create and establish one or more special funds ( referred to as “capital reserve funds” in this chapter), and may pay into each capital reserve fund: (1) Any monies appropriated […]
§ 45-54-2. Legislative findings. (a) It has been widely reported that the United States has need for a detention facility to be located within the state of Rhode Island. (b) It is declared that a need for economic development projects exists within the state and that the development of a detention facility would help to […]
§ 45-54-20. Bonds eligible for investment. The notes and bonds of the corporation are securities in which all public officers and bodies of this state and all municipalities and municipal subdivisions, all insurance companies and associations, and other persons carrying on an insurance business, all banks, bankers, trust companies, savings banks, and saving associations, including […]
§ 45-54-21. Limitation of powers. The state pledges to and agrees with the holders of any bonds or notes issued by the corporation, that the state will not limit or alter the rights vested in the corporation to fulfill the terms of any agreements made with the holders until those bonds or notes, together with […]
§ 45-54-22. Annual report and audit. Within one hundred twenty (120) days from the close of its fiscal year, the corporation shall make an annual report to the chief executive officer and legislative body of the municipality of its activities for the preceding fiscal year. Each report shall present a complete operating and financial statement […]
§ 45-54-23. Transfers to governmental body. When all bonds issued under the provisions of the chapter for each specific project and their interest have been paid, or a sufficient amount for the payment of all the bonds and their interest to the maturity of the bonds have been set aside in trust for the benefit […]
§ 45-54-24. Applicability of other laws. This chapter shall be construed to provide a complete additional and alternative method for doing the things authorized hereby and shall be regarded as supplemental and in addition to the powers conferred by other laws. The issuance of all bonds, notes, and other obligations of the corporation under the […]
§ 45-54-25. Liberal construction. This chapter, being necessary for the welfare of the state and its inhabitants, shall be liberally construed to effectuate its purposes. History of Section.P.L. 1991, ch. 421, § 1.
§ 45-54-26. Inconsistent provisions. Insofar as the provisions of this chapter are inconsistent with the provisions of any charter or other law or ordinance, general, special, or local, or of any rule or regulation of the state or any municipality, the provisions of this chapter are controlling. History of Section.P.L. 1991, ch. 421, § 1.
§ 45-54-27. Severability. If any one or more sections, clauses, sentences, or parts of this chapter shall, for any reason, be adjudged unconstitutional or otherwise invalid in any court, that judgment shall not affect, impair, or invalidate the remaining provisions, but shall be confined in its operation to the specific provisions so held unconstitutional or […]
